PayForward encourages start-up growth

A new initiative aims to connect start-ups with industry leaders, creating an e-knowledge and networking space and fueling regional economic growth

A new initiative to help start-ups find solutions to the challenges they are facing has been launched by Payfort, a regional online payment provider.

Launched during a Ramadan iftar in Dubai, which was attended by Payfort merchants and acquiring bank partners, the PayForward Initiative links start-ups with leading e-commerce experts and mentors through an e-knowledge sharing and networking space.

With research showing 70 to 80 percent of shoppers still choose cash-on- delivery as their preferred payment method, payment has been one of the most salient challenges faced by e-commerce start-ups in the region.

The initiative aims to equip businesses to overcome this challenge and gain traction of the regional e-commerce market that is expected to grow to $15 billion by 2015.

Omar Soudodi, managing director at Payfort, said: “The Arab world’s start-up ecosystem is really on the rise, a phenomenon that carries with it many benefits for the region’s wider economy, from employment creation to increased trade and commerce to economic and infrastructural development.”

Industry experts and start-up owners interested in engaging in an effective business mentoring as mentors and mentees are encouraged to register at Payfort’s website, www.payfort.com.

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